The literature concerning the effects of sporting performance on football shares is scarce. Football clubs used to be non-profit organisations and their members had different rights and views from those which affect today's shareholders' perspectives and analysis. We were particularly concerned with sporting performance and how it impacts on share price returns for football clubs. Using the football shares quoted in Euronext Lisbon Stock Exchange and the ARCH and GARCH methodology we found a positive relationship between stock price returns and sporting performance. Therefore, we could provide empirical evidence for immediate impact of victories, draws or defeats on price returns. We also found that impact to be related to the approach of the end of the season. This is in line with previous research on the topic, although using a different methodology. When we look at volatility, apart from showing strong clustering signs, a critical variable seems to be the trading volume around the stock that comes with the end of the season.

Operational Asset Replacement Strategy A Real Options Approach This article analyses the problem of replacement by investigating the optimal moment of investment replacement in a given tax environment with a given depreciation policy. An operation and maintenance cost minimization model, based on the definition of equivalent annual cost, is applied to a real options paradigm. The developed methodology allows for an innovative evaluation of the flexibility of replacement process analysis. A new two-factor evaluation function is introduced to quantify decisions of asset replacement under a unique cycle environment. This study improves upon previous findings in the literature as it accounts for autonomous salvage value processes. Based on partial differential equations, this model achieves a general analytical solution and particular numerical solution. The results differ significantly from those observed in one-factor models by showing evidence of over-evaluation in optimal levels of replacement, and by confirming suspicions that different types of uncertainties produce non-monotonous effects on the optimal replacement level. The scientific contribution of this study lies in new and stronger approaches to equivalent annual cost literature, supplying an algorithm for operation and maintenance cost minimization that is conditioned by autonomous salvage value. This study also contributes to the real options literature by developing of a two-factor model with Brownian processes applied to asset replacement.

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Purpose The purpose of this study is to define a model of social technology diffusion, comprising constructs that explain guests’ likelihood of recommending their hotel loyalty program to their peers. Design/methodology/approach The diffusion effect is explained by commitment-trust, satisfaction with user-to-user interactivity, satisfaction with user identifiability and word of mouth. A total of 2,812 usable responses were obtained through an online questionnaire sent to guests with two or more transactions with the loyalty program. Findings The results suggest that commitment and trust and word of mouth are crucial to enact social diffusion. As such, hotel loyalty programs need to be leveraged through enacting social diffusion. Practical implications Tourism and hospitality practitioners dealing with loyalty programs should create and post new trustworthy content that might be beneficial for the hotel loyalty program in their efforts to provide a more valuable experience for guests. Originality/value The paper provides empirical evidence that the likelihood of sharing with other guests or the intention to belong to a hotel loyalty program community exists and then goes on to offer a range of possible responses based upon four relational mediators.